Contents -- Preface -- 1. Economics and Economic Development -- The Great Question -- All Countries Should Have Equal Labor Productivity: An Argument -- Why All Countries Do Not Have Equal Labor Productivity: An Argument -- On the Definition of Economics -- The Rest of the Book -- 2. The Search for Well-Being -- Well-Being: Its Definition and Content -- The Development Objective -- The Search for Better Preferences -- Social Choice: Its Impossibility and Necessity -- Summary -- 3. Growth Theory and Stylized Facts -- Three Approaches to Growth Theory: A Reminder -- What Is to Be Explained: Facts and Semifacts -- More on Productivity Growth -- 4. A Way to Think about Growth -- The Growth Process -- The Role of Factor Prices and Technological Information -- A Time Path through Capital and Productivity Space -- The Role of Capital Formation -- The Capital Goods Sector -- Some Macro Issues -- The Big Picture: A Summary -- 5. Employment -- A Preliminary: The Labor Market -- The Roles of Employment -- Work as a Source of Well-Being -- Demand for Labor -- Is It All Pie in the Sky? -- 6. Entrepreneurship -- The Entrepreneur as the Source of the Idea of Progress -- The Entrepreneur as Perceiver and Exploiter of a Specific Profit Opportunity -- The Entrepreneur as Searcher, Learner, and Changer -- Conclusions on Entrepreneurship -- 7. Foreign Transactions -- Development Strategies: Import Substitution and Outward Orientation -- The Foreign Sector and Productivity Growth -- On Importing Knowledge -- Openness and Preference Development -- Conclusion -- 8. A Form of Protection -- The Undervalued Exchange Rate Form of Protection -- Can All Developing Countries Have an Undervalued Exchange Rate? -- The Outcome -- Conclusion -- 9. The Roles of the Government and the Market -- The Present Policy Debate -- Creating the Idea of Progress.

Policy-Making and Policy Change -- Government and Better Preferences -- A Brief Conclusion -- Epilogue: Another Great Question and More Ignorance -- References -- Index.